In expansion push, Access Bank completes acquisition of Kenya’s Translational Bank
Nigeria’s top lender by assets, Access Bank has spread its wings to East Africa through the completion of the acquisition of Translational Bank (Kenya) Plc.
Herbert Wigwe, Group Managing Director/ Chief Executive Officer of Access Bank made this known in a statement to the Nigerian Stock Exchange (NSE) while informing the regulator of the bank’s acquisition on Monday.
According to the tierone lender, its “entry into the Kenya market, a key getaway in East Africa, does not only brings us closer to that vision but enables our customers to tap into our extensive global network that translates into immense business opportunities, robust and efficient digital solution, competitive products and unrivalled customer experience.”
The commercial bank also said in the notice seen by Businessday that it promises to build and support its wholesale and retail customers through the creation of a world-class payment system that would leverage on strong customer insights.
Sequel to its announcement on October 28, 2019, the Board of Access Bank Plc said in a notice seen By Businessday that is it pleased to inform the investing public and the Lagos bourse of the lender’s successful completion of the acquisition of Translational Bank (Kenya) Plc.
“We are excited to make an entry into the vibrant Kenya market. We pledge to put our customers at the forefront of everything we do. Through the creation of a world-class payment system,” Wigwe said, adding that the bank said it build and support its wholesale and retail customers “using our strong customer insights to deliver beyond their expectations.”
The lender’s successful entrance into East Africa’s financial market follows the receipt of the full regulatory approval and fulfilment of all conditions precedent to completion.
According to the tier-one lender operating through a network of more than 600 branches and service outlets, spanning three continents, 12 countries and 36 million customers, it is grateful to the regulators for the conference reposed in the bank throughout the transaction.
“We acknowledge the support of our team of world-class advisors whose hard work made this deal possible,” Wigwe commended.
Listed on the Nigerian Stock Exchange since 1998, Access bank is a diversified financial institution which combines a strong retail customer franchise and digital platform with deep corporate banking expertise and proven risk management and capital management capabilities. The Bank services its various markets through five business segments: Personal, Business, Operations and IT, Commercial and Corporate & Investment Bank Divisions.
The Bank which employs 28,000 people has its operations in Nigeria, Sub-saharan Africa and the United Kingdom, with representative offices in China, Lebanon, India and the UAE.
The Bank has over 800,000 shareholders, including several Nigerian and International Institutional Investors, and has enjoyed what is arguably Africa’s most successful banking growth trajectory in the last 18 years. Following its merger with Diamond Bank in March 2019, Access Bank became one of Africa’s largest retail banks.
As part of its continued growth strategy, Access Bank said it is focused on mainstreaming sustainable business practices into its operations. The Bank said it strives to deliver sustainable economic growth that is profitable, environmentally responsible and socially relevant while helping customers to access more and achieve dreams.